Different conceptions of entrepreneurial strategies Essay

Different conceptions of entrepreneurial strategies - Essay Example The principles of entrepreneurship are recognized as essential components for the progression and the advancement of financial or economic actions. It is a continuous procedure of financial development. According to Schumpeter, an entrepreneur is a person who acts as an innovator by executing certain transformations within the financial market through utilizing various resources. Schumpeter also defines entrepreneurship as an innovative function and necessarily a financial activity. The financial activity along with the purpose of attaining maximum revenue can only be fulfilled by encouraging the outlook towards the principle of entrepreneurship. According to Kirzner, an entrepreneur is recognized by the activities that an individual performs within the market economy. It is the entrepreneur who organizes the plans and creates new products along with modernizing the production system. Kirzner also defined entrepreneurship as an organizing element of the market, working for technical process advancement and development along with affecting various financial market theories. It has been identified that the conceptions of different entrepreneurship strategies that are floated by Schumpeter and Kirzner were mainly based on certain aspects that include driving the financial procedure away from economical balance and driving the financial procedure towards economical balance among others.